CORPORATIONS ARE VOLUNTARY ASSOCIATIONS
A corporation, is created through the exercise of individual rights (i.e. freedom of association and freedom of contract). People have an inherent right to form a corporation by contract for their own benefit and in their mutual self-interest. Based upon a consciousness of common interests, the corporation is an association of individuals who engage in a particular type of contractual relationship with one another in order to pursue common business objectives, and is governed by rules of the individuals’ own making, and is said to be able to assert rights and assume obligations. When rights and obligations are imputed to a corporation, what is really being referred to are the rights and obligations of its ...
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